BitMEX Exchange: 2020 User Review Guide

As a side note, the ticker symbol for Bitcoin on BitMEX is XBT, not the BTC symbol used in other platforms like Coinbase. Do you want to participate in the financial markets of the future? Trading cryptocurrency is fast becoming a popular way to make money online. The crypto ecosystem is a fast-evolving space, with plenty of growth potential. According to CoinMarketCap, the total market cap of all cryptocurrencies currently stands at more than $223-billion, with daily trading volumes of over $143-billion.

Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. From the trading screen that opens up, select the cryptocurrency you bitmex review want to trade. The BitMEX interface feels a little outdated at first glance, but it has all the features a crypto trader needs to make smart trades. You can customize several widgets freely, enabling you to personalize the interface according to your needs.

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ETH/USD – Funding is -0.07%As the funding rate is negative (-), this means that those currently short on Ethereum will need to pay a funding fee of 0.07%. The fee is based on the amount you currently have outstanding on your trade. The funding fee is then paid to those that are long on Ethereum as a rebate. BTC/USD – Funding is +0.06%As the funding rate is positive (+), this means that those currently long on Bitcoin will need to pay a funding fee of 0.06%. The funding fee is then paid to those that are short on Bitcoin as a rebate. If you’re looking to trade a BTC/USD or ETH/USD perpetual contract, then market takers will pay 0.075% per trade, while market makers will get a 0.025% rebate.

BitMEX Main Features

Seeing this sort of privacy breach happens at the hands of hackers in one thing. However, learning that it was a management blunder doesn’t inspire confidence in the platform. Next, use the slider under the order box to set your leverage. Navigate to the interface, and click on the “Account” tab at the top of the screen. The fee structure might change because of the market conditions. The ease of making an account is one of the best things about BitMEX.

BitMEX user funds offline wallet is a cold storage multi-signature feature that is paired with two-person live approvals before any withdrawals can take place. No private keys are stored in the cloud servers so even in the rare chance that the system was breached, no user accounts would be at risk. It’s important to note that trading on margin exposes you to the potential loss of your entire account value. If the trade turns against you, you could even end up owing the exchange money if you have a severely leveraged position you can’t exit in time. At the moment, BitMEX is the only cryptocurrency offering 100X leverage.

  • There are options to start your trading with either basic or advanced.
  • As we’ve mentioned prior, BitMEX’s services pertain to selling Bitcoin futures and contracts through the use of leveraged trading.
  • BitMEX is a platform that allows traders to get access to an exclusive range of cryptocurrencies.
  • Please be aware that this might heavily reduce the functionality and appearance of our site.
  • The view of the ‘Accounts’ page and ‘Contract’ information is easy to comprehend.

Currently, BitMEX only supports deposit of BTC cryptocurrencies though you may see different indices. BitMEX operates multi-signature wallets, holds all funds in cold storage, and at least two employees audit all withdrawals. Despite the trading platform’s sophisticated user experience and product offering, BitMEX has not been without controversy. Investing in cryptocurrencies, Decentralized Finance , and other Initial Coin Offerings is highly risky and speculative, and the markets can be extremely volatile.

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Shawn’s dream is working together openly, to get what writers need and want, and to solve biggest global problems. He is building a collaboration system from the start that everyone can own and define, allowing them to work together, to decide how it works and to their highest ideals. The primary reason for BitMEX being banned in the US is its noncompliance with US commodity exchange Act. They operated as future exchange modify merchants without getting recorded in CFTC.

Unfortunately, being so popular has its consequences, which might lead to some significant controversies. One of them concerned U.S Commodity Futures Trading Commission investigating BitMEX, as mentioned above. As a result, if you are a resident or citizen of the U.S, the province of Québec in Canada, or Hong Kong, among others, you are not allowed to use the platform. No, BitMEX stores all Bitcoin in a cold multi-signature wallet.

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While BitMEX is a great platform, we’re reasonably skeptical about the security measures taken. For practicing trading strategies using a demo account, BitMEX is an excellent option. But if you want to trade in large volumes and make use of a lot of leverage, you’re better off usingBinance,eToro,Plus500, orByBit.

Customer Verification

Once this date comes to the past, the buyers would be entitled to receive the difference between settlement price and strike price. Additionally, there have been no major talks on any public forum about the wallet’s inconsistencies or hacks from our in-depth research. The platform uses hardware wallets and the multi-signature withdrawals and deposits scheme, and several credible verification mechanisms. BitMEX is one of the top-rated and safest exchanges for crypto margin trading.

Full BioRegine Parrish is a finance professional whose career spans over a decade. She is a former financial analyst for a major telecommunications company and currently fact-checks reviews of financial products and services. However, unlike industry counterparts Binance, Coinbase, and Bittrex, BitMEX specializes in highly complex crypto-centric derivatives.

Everything looked real except lwhen they wanted tax money and kept asking me to up my funds I got wise and started to ask questions. Especially in the realm of cryptocurrency derivatives which is now booming and expected to grow big. BitMEX is one of the most controversial trading platforms out there, with many advocates as well as critics. It’s mostly known as the world’s biggest “casino” as trading with high leverage can result in significant gains or loses within seconds. For comparison – that sounds quite a lot, considering that the maximum BTC supply ends at 21 million.

The support team also helps traders with minimum amount details when they don’t have enough funds to trade. The database also uses a tracker to protect the movement of private keys. They are kept in deep cold storage, along with encrypted crypto funds. By following these multiple verification measures, users can confirm withdrawals and change account details securely on BitMEX. They have no monetary value and are freely distributed via faucets across the Internet.

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What’s more, the exchange uses cold storage solutions as well. Due to the safety features’ efficiency, we could not find any significant security breach, explaining why crypto traders and investors like the wallet. Master The Crypto is a financial publisher that does not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual. Members should be aware that investment markets have inherent risks, and past performance does not assure future results. MTC has advertising relationships with some of the offers listed on this website. MTC does attempt to take a reasonable and good faith approach to maintaining objectivity towards providing referrals that are in the best interest of readers.

BitMEX as a platform focuses on these trade areas and has been created for traders who prefer niche trading. One advantage of only accepting one form of payment is that there are no deposit or withdrawal fees. Other platforms have high Bitcoin fees from both deposits and withdrawals that can limit the profitability of trading. In 2016, BitMEX created and launched perpetual leveraged swap contracts on Bitcoin to allow traders to trade Bitcoin futures with up to 100x leverage and no expiry date. The innovative new crypto derivative helped BitMEX become of the highest volume Bitcoin exchanges in the world.

You’ll then need to head over to your external Bitcoin wallet, paste the BitMEX wallet address in, and transfer the funds. All BitMEX UP and DOWN contracts can be traded without paying a trading fee. In layman terms, this means that if you only had the Bitcoin equivalent of $100 in your account, you could effectively trade with a $10,000 bankroll. However, it is reasonable to suggest that trading at a level of 100x is no different to rolling the dice in a casino. In approximate terms, if your chosen investment went down by just 1%, you would instantly be liquidated.

It is owned by HDR Global Trading Limited, registered in Seychelles, although its offices are located worldwide. Perpetuals are relatively similar to futures, with the only noticeable difference being that there is no expiration date for the contracts. With this being said, the trading view interface is very much similar, including all of the tools that derivatives traders require to make profitable transactions. The charts featured on the platform are easy to navigate through, while providing clear data that helps traders make the right transactions. BitMEX is a cryptocurrency exchange and derivatives platform established in the Republic of Seychelles. Operating since 2014 under its parent company named HDR Global Trading Limited, BitMEX has processed hundreds of billions of dollars in cryptocurrency trades for customers worldwide .

Corporate clients can benefit from individualized solutions, such as 24/7 customer support, consulting, or institutional crypto strategies. With that being said, it is absolutely fundamental that you understand the risks that both derivative and leverage trading brings prior to opening an account with BitMEX. Once you have created an account at BitMEX, you’ll need to head over to the deposit page to access your unique Bitcoin wallet address.

Trading conditions, offers, and fees for trades

Most user reviews praise its modern and easy-to-use interface. Also, there are initiative programs to keep the community involved, which isn’t something BitMEX pays a lot of attention to. BitMEX testnet is a simulator that creates an environment to mirror trades and test their results with tangible outcomes.

Most people who have used the platform have found it user-friendly, while the speed with which transactions are completed is impressive. It is also possible to live chat with other traders and support. This is a particularly innovative feature, as it is unusual to communicate directly with other traders via such a service. BitMEX had taken off and attracted many users, while Delo’s investment proved to be hugely successful. In 2014, BitMEX was founded by Arthur Hayes, Ben Delo, and Samuel Reed. The pioneers received funding from family and friends to build the platform.